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Mergers and Acquisitions Report Turkey 2013
January 2014
Foreword In 2013, many countries continued to be impacted by the global economic crisis and political and economic troubles still dominated agendas. Yet, Turkey, with its economy still growing, albeit to a lesser extent than in previous years, continued to distinguish itself as a successful, important and attractive country to invest in, not only in its region but in the world. In a year when global mergers and acquisitions volume slowed down, Turkey also experienced a slight decrease in transaction volume but reached a record high in terms of the number of deals. After such a year, we are delighted to share the twelfth “EY Mergers and Acquisitions Report”, a widely respected and much used reference material by all market players. The EY Mergers and Acquisitions Report 2013 is a thorough compilation of the facts and trends in mergers and acquisitions that were realized in Turkey in 2013, including comparisons with previous years. The Report also presents the results of our traditional “Mergers and Acquisitions in Turkey Survey” whose participants comprised shareholders and upper management of prominent public companies and private sector establishments in Turkey. We thank the survey participants for their contributions and support, as well as the EY Corporate Finance Team who prepared the EY Mergers and Acquisitions Report 2013.
Mustafa Çamlıca
Müşfik Cantekinler
EY Turkey
EY Turkey
Country Leader
Head of Corporate Finance Services
15 January 2014
Content
General evaluation
5
Investor profile
8
Sectoral breakdown
12
Public sector deals
14
Transaction volumes
15
2014 overview
16
The overlook of the Turkish Business World towards the M&A Market
18
List of M&A transactions in 2013
25
Basis of preparation of the study
32
Mergers and Acquisitions Report Turkey 2013
General evaluation In a year when developed countries, many of them European, achieved limited growth, Turkey stood out by meeting growth expectations and exceeding the previous year’s growth rate. Together with the economic growth achieved by Turkey, the country continued to be the center of attention for M&A activity in 2013, despite the FED’s policies and political ambiguities. The global economic crisis that first began in 2008 continued to prevail in major European economies, although the extent of this crisis in Europe was less than in 2011 and 2012 when it had been fanned by the debt crisis in Greece in late 2010. However, the recession in two major economies in Europe, namely Spain and Italy, and limited growth in other major economies such as the UK, Germany and France, led to inevitable economic distress in Europe, Turkey’s main trade partner. In addition to global economic problems, the rising tension at Turkey’s borders in 2013, particularly the political crisis in Syria and the Arab Spring, adversely affected the economy of the region as a whole. Consequently, political disagreements over various regional issues have occasionally strained Turkey’s relationship with some of its neighbouring countries. The Turkish economy, despite being partially affected by these recent developments, is still expected to grow in line with expectations and continues to be an attractive place for investors in terms of M&A activity. While the upgrade of Turkey’s credit rating by several independent international credit rating agencies has to date only affected money markets and certain short term economic indicators, it is expected to have an influence on medium and long term investments in Turkey.
A new record in the number of deals was realized in 2013…
In 2013, M&A activity in Turkey was positively affected as investors continued to be drawn to Turkey’s relatively favourable economic indicators. Based on sources available to us, the number of mergers and acquisitions in Turkey totalled 336. This is a record high for Turkey, and is especially important considering the slowdown in M&A activity around the world.
Figure 1: Disclosed number of deals (2013)
Value not disclosed 60%
201 deals
135 deals
40%
Value disclosed
Mergers and Acquisitions Report Turkey 2013
5
In our 2012 report, the total disclosed value of deals realized in Turkey was US$23.2 billion. If we disregard the 2012 privatization of Bridges and Highways which was subsequently cancelled in 2013, the total transaction volume in year 2012 decreases to US$17.4 billion. Again disregarding this cancelled privatization, we highlight that 5 transactions were above one billion US dollars, and 22 were over US$100 million. We observed that investors were not only interested in larger companies, but also expressed significant interest towards SMEs in Turkey. In 2013, we witnessed a total of 135 deals with disclosed values totalling US$13.7 billion. Of these, 4 of them were above one billion US dollars and accounted for 40% of total transaction volume. While larger deals increased the total transaction volume, considering the fact that only 22 deals were larger than US$100 million, we observed a continuation of the interest in SMEs as in previous years. Of the deals with undisclosed values, we know that a large number of them were realized with deal values greater than US$100 million. Including our estimates for the deals with undisclosed values, we anticipate that the total transaction volume in 2013 was US$20 billion.
Figure 2: Disclosed deal value* 30 26.4
25.5
US$ billion
25
20
23.2
18.3 16.3 13.7
15 11.5 10
3.9
5
0
2006
2007
2008
2009
2010
2011
2012
2013
* In this graph, we consider all transactions that had been realized as of the reports’ publishing dates without adjusting for any which may have been subsequently cancelled.
119 private sector deals with disclosed values were realized in 2013 generating a total of US$5.3 billion or 38% of the total volume of all disclosed transactions. In comparison, 16 public sector deals with disclosed values generated total transaction volume of US$8.4 billion in the same period. As a result of the 4 public sector deals greater than one billion US dollars, public sector deals continued to dominate private sector deals in terms of transaction volume. Furthermore, in contrast to 2012, the share of total transaction volume was dominated by local investors rather than foreign investors. In terms of investor origin, foreign investors formed 24% of the total transaction volume, while domestic investors had a share of 76% thanks to their strong presence in the privatization tenders. Despite the distressed economic conditions affecting many countries in 2013, Turkey emerged as one of the most attractive countries for investments, which was ensured by its sustained growth rates since 2010, and its determination to solve its core economic problems such as its current account deficit and inflation. This was further supported by the upgrade of Turkey’s credit rating to investment grade by independent international credit rating agencies. In our 2012 report, we noted the total transaction volume of M&A transactions for 2013 was expected to be around US$16 to US$20 billion based on our survey conducted with prominent members of the Turkish business community. We can conclude that the expectations were met for this year.
6
Mergers and Acquisitions Report Turkey 2013
This proves that Turkey, widely considered as a strong and one of the fastest growing economies in the world, will continue to attract the attention of foreign investors in 2014.
Major
Excluding the cancelled Bridges and Highways privatization, 2012 saw 5 major transactions above one billion US dollars, and the total volume of the top 10 Deals deals was US$14 billion. The major deals in 2012 were the acquisition of Denizbank by Russian Sberbank for US$3.9 billion and the privatization tender of Seyitömer Thermal Power Plant won by Çelikler İnşaat for US$2.2 billion. In 2013, all four transactions valued over one billion US dollars were public sector deals. The total volume of the top 10 deals in 2013 was US$9.4 billion, 7 of which were in the public sector and the remainder in the private sector. Public sector deals accounted for 81% of the total value of the top 10 deals: the Toroslar EDAŞ tender was won by EnerjiSA for US$1.7 billion, the Haliçport tender was won by Sembol Uluslararası Yatırım-Ekopark Turizm-Fine Otelcilik Joint Venture for US$1.3 billion and the İstanbul Anadolu Yakası EDAŞ (AYEDAŞ) tender was won by EnerjiSA for US$1.3 billion. The acquisition of Yapı Kredi Sigorta by Allianz SE for a consideration of US$931 million was one of the major private sector deals and accounted for 19% of the total value of the top 10 deals.
Table 1: Top 10 deals Acquirer
Country of Acquirer
Stake
Energy
EnerjiSA
Turkey
100.00%
1,725.0
Haliçport
Transportation
Sembol Uluslararası Yatırım-Ekopark Turizm-Fine Otelcilik Joint Venture
Turkey
N/A
1,346.0
İstanbul Anadolu Yakası Elektrik Dağıtım (AYEDAŞ)
Energy
EnerjiSA
Turkey
100.00%
1,227.0
Target
Sector
Toroslar EDAŞ
Deal Value (US$ million)
Başkent Doğalgaz Dağıtım
Energy
Torunlar Gıda
Turkey
100.00%
1,162.0
Kangal Thermal Power Plant
Energy
Konya Şeker
Turkey
100.00%
985.0
Yapı Kredi Sigorta
Financial Services
Allianz SE
Germany
93.94%
912.9
Salıpazarı Cruise Port
Transportation
Doğuş Holding
Turkey
N/A
702.0
Viko
Manufacturing
Panasonic
Japan
90.00%
460.0
Alternatif Bank
Financial Services
Commercial Bank of Qatar
Qatar
70.84%
430.8
Show TV
Media
Ciner Group
Turkey
100.00%
402.0
*N/A: Not Applicable
In 2012, due to the increased number of large sized deals, the top 10 deals accounted for 80% of all transactions with disclosed values even when the cancelled Bridges and Highways privatization is excluded. In 2013, the share of top 10 deals decreased to 68%. The average value of the top 10 deals was estimated to be US$935 million, while the average value of all transactions with disclosed values in 2013 was US$102 million. The average deal size of public sector deals was US$527 million, compared to the average deal size of private sector deals of US$45 million. Amongst the transactions with disclosed values, there were only 11 transactions of more than US$100 million, meaning that the remaining 108 deals averaged just US$16 million. Thus, in line with 2012, a vast number of deals in 2013 were small and medium sized transactions. We expect these small and medium sized transactions to continue in 2014 not only because of investor confidence in the Turkish economy and the growing domestic market, but also their aim to operate within the region, using their Turkish operations as a hub.
Mergers and Acquisitions Report Turkey 2013
7
Investor profile
In 2013, while the effects of the economic crisis continued in many developed and emerging countries and growth rates remained low, the total number of transactions in Turkey increased although the total transaction volume fell. In 2011, M&A activity kept the upward trend caught in 2010 in terms of number of transactions; however, the total transaction volume had corresponded to the second lowest level of the last six years with the exemption of 2009. While the M&A activity recorded a substantial increase in 2012 compared to 2011 in terms of both the number of transactions and the transaction volume, in 2013, a new record in terms of number of transactions was observed and total transaction volume was realized at a lower level with respect to 2012. In terms of investors’ origin, domestic investors outweighed foreign investors substantially in 2013. In terms of number of transactions, domestic investors increased their share in recent years with 222 transactions in comparison to 114 transactions by foreign investors. Furthermore, domestic investors outperformed foreign investors with a total transaction volume of US$10.4 billion versus US$3.3 billion.
Domestic investors constituted 76% of the total transaction volume…
Figure 3: Breakdown of transaction volume by Turkish and foreign investors* 20 18
17.2
16.6
16.9
16.5
16
US$ billion
14 13.1
12.0
12 10
8.6
8 6
5.1
4.3
4
2.4
1.7
2 0
11.5 11.7 9.9
2005
2006
2007
2008
Turkish Investors
10.4
6.4 3.3
1.5
2009
2010
2011
2012
2013
Foreign Investors
* In this graph, we consider all transactions that had been realized as of the reports’ publishing dates without adjusting for any which may have been subsequently cancelled.
Accounting for more than 50% of the total transaction volume in 2011 and 2012, a share reflective of pre-crisis levels, foreign investors fell behind domestic investors substantially in 2013, accounting for only 24% of the total transaction volume. The same trend was observed in terms of the number of transactions; foreign investors realized a lower number of transactions than domestic investors, as was also the case in the last four years. In 2012, the number of transactions by foreign investors increased to its highest level in the last 10 years despite realizing a lower number of transactions than domestic investors. This could not be repeated in 2013 when the total transaction volume by foreign investors fell to US$3.3 billion, the lowest level in the last nine years excluding 2009.
In 2013, domestic investors realized a record in number of transactions…
Based on the number of transactions, domestic investors reached a record high level in the last twelve years and realized a total number of 222 transactions. In 2013, domestic investors performed better than 2011 and 2012 in terms of transaction volume, following the exclusion of the domestic investor share in the cancelled privatization of Bridges and Highways.
8
Mergers and Acquisitions Report Turkey 2013
Figure 4: Breakdown of the number of transactions by domestic and foreign investors* 250 222
200
184 148
150 100
103 60
71
83
114
93
71
62
50 0
131
119
101
90 92
145
Turkish Investors Foreign Investors
54
2005 2006 2007 2008 2009 2010 2011 2012 2013
* In this graph, we consider all transactions that had been realized as of the reports’ publishing dates without adjusting for any which may have been subsequently cancelled.
Based on disclosed transaction values, the average investment size by foreign investors was approximately US$123 million (2012: US$224 million). In 2013, the largest transactions realized by foreign investors were namely; the Yapı Kredi Sigorta-Allianz SE and the Viko-Panasonic transactions. Excluding these two transactions, the average investment size by foreign investors was US$77 million. In 2012, once we exclude the two largest transactions and the cancelled privatization of Bridges and Highways, this number is reduced to US$92 million. Hence, we may conclude that foreign investors invested more in smaller companies in 2013 compared to 2012. Germany In 2013, the UK, and the USA stood out among foreign investors
As in the past, based on the number of deals, investors from the EU countries and the USA dominated foreign investor transactions in 2013. The EU countries and the USA were followed by Japan, United Arab Emirates (UAE) and Malaysia. The UK headed the list in terms of the number of transactions followed by Germany and the USA with 12 deals each.
based on the number of deals…
Figure 5: Breakdown of the total number of deals completed by origin of investor 250 222 200
150
100
50
31
17
12
12
8
6
UK
Germany
USA
Japan
France
0 Turkey
5
5
Austria Sweden
5
4
Italy
UAE
Mergers and Acquisitions Report Turkey 2013
3
3
3
Spain Luxembourg Malaysia Other
9
In terms of transaction volume, Germany ranked first with a total of US$967 million in 2013 for the first time. Germany was followed by Malaysia with a total volume of US$560 million. Despite the fact that the EU countries were significantly ahead of other countries in terms of transaction volume over the recent years, they noticeably lost their dominance in 2012 and 2013. Additionally, Germany became more prominent among the EU countries. Other countries worth highlighting were Qatar, South Africa and Singapore, none of which appeared on the lists in the previous years.
In 2013, for the first time, Germany became prominent in terms of transaction volume…
Figure 6: Breakdown of the total transaction volume by origin of investor 12,000 10,434 10,000
US$ million
8,000
6,000
4,000
2,000
967
560
502
431
Japan
Qatar
0 Turkey Germany Malaysia
In 2013, private equity funds maintained their interest towards Turkey…
217 South Africa
165
142
210
113
Singapore Luxembourg Austria
Other
Private equity interest in Turkey continued its rise in 2013. The number of transactions involving private equity funds reached a new record high of 74 (2012: 51* transactions), while the ratio of the number of these transactions to the total number of transactions increased to 22% in 2013 (2012: 16%*).
Figure 7: Investor types by number of deals completed and transaction volume Financial Investors 22%
Financial Investors 4%
US$503 million
74 deals
Strategic Investors 96%
Strategic Investors 78% 262 deals
US$13,238 million
In 2013, while the volume of private equity transactions decreased, they accounted for a similar share of total disclosed transaction volume compared to previous years. Excluding the 20% share of Gözde Venture Capital in the cancelled privatization of Bridges and Highways (US$1.14 billion) private equity funds executed deals with a total disclosed value of US$651 million in 2012. In 2013, this number was US$503 million. Compared to the previous years, these figures indicate that private equity funds became more active in terms of the number of transactions while their activities were stagnant in terms of transaction volume in 2013. Amongst the disclosed transactions by private equity funds in 2013, the transaction with the highest deal value was the acquisition of 38.5% stake in Ziylan Mağazacılık, Polaris Pazarlama and Uğur İç ve Dış Ticaret by Gözde Venture Capital and Turkven for a total consideration of US$172.9 million. Another remarkable deal amongst the transactions with disclosed values was the acquisition of 50% stake in Çelebi Havacılık Holding for a total consideration of US$142 million. Although deal values were not disclosed, the acquisitions of Standard Profil and Kamil Koç by Actera, the acquisition of Medical Park by Turkven, the acquisition of Arzum Elektrikli Ev Aletleri by Mediterra Capital, and the acquisition of Namet by Investcorp were other significant transactions realized by private equity funds. * Excluding Gözde Venture Capital’s 20% share in the cancelled privatization of Bridges and Highways, the number of transactions involving private equity funds fell to 51, while the ratio of the number of these transactions to the total number of transactions decreased to 16%.
10
Mergers and Acquisitions Report Turkey 2013
Table 2: Transactions realized by private equity funds Stake
Deal Value (US$ million)
IT
Not disclosed
1.5
IT
Not disclosed
2.5
Evim.net
IT
Not disclosed
5.0
UAE
Republika Academic Aparts
Real Estate
Not disclosed
Not disclosed
UAE
Yörsan
Food and Beverage
80.00%
Not disclosed
Actera
Luxembourg
Çelebi Havacılık Holding
Transportation
50.00%
142.0
Actera
Luxembourg
Kamil Koç
Transportation
100.00%
Not disclosed
Actera
Luxembourg
Standard Profil
Automotive
100.00%
Not disclosed
Aslanoba Capital
Turkey
AlwaysFashion.com
IT
10.00%
Not disclosed
Aslanoba Capital
Turkey
Bitaksi
IT
Not disclosed
2.0
Aslanoba Capital
Turkey
Boni
IT
20.00%
1.0
Aslanoba Capital
Turkey
Buldumbuldum.com
IT
20.00%
2.5
Aslanoba Capital
Turkey
Dugun.com
IT
16.60%
2.0
Aslanoba Capital
Turkey
Ehil.com
IT
20.00%
1.0
Aslanoba Capital
Turkey
Fırsat Bu Fırsat
IT
Not disclosed
1.0
Aslanoba Capital
Turkey
Fit&Color
IT
Not disclosed
0.5
Aslanoba Capital
Turkey
GüvenRehberi.com
IT
Not disclosed
Not disclosed
Aslanoba Capital
Turkey
Hazinem.com
IT
Not disclosed
1.0
Aslanoba Capital
Turkey
İdemama.com
IT
Not disclosed
Not disclosed
Aslanoba Capital
Turkey
İncir.com
IT
Not disclosed
1.0
Aslanoba Capital
Turkey
InfoDif
IT
Not disclosed
Not disclosed
Aslanoba Capital
Turkey
İninal.com
IT
Not disclosed
Not disclosed
Aslanoba Capital
Turkey
Lilakutu
IT
Not disclosed
Not disclosed
Aslanoba Capital
Turkey
MailMag
IT
Not disclosed
0.6
Aslanoba Capital
Turkey
Modanisa.com
IT
Not disclosed
Not disclosed
Aslanoba Capital
Turkey
OnlineMarket.com.tr
IT
Not disclosed
1.0
Aslanoba Capital
Turkey
Sopsy
IT
Not disclosed
1.0
Aslanoba Capital
Turkey
Tablet Seminerler
IT
20.00%
0.2
Aslanoba Capital
Turkey
Tasit.com
IT
Not disclosed
2.0
Aslanoba Capital, Earlybird Venture Capital
Turkey, Germany
Metrekare.com
IT
Not disclosed
Not disclosed
Aslanoba Capital, Fabrice Grinda, Jose Marin
Turkey, France, Brazil
Vivense.com
IT
Not disclosed
Not disclosed
Bancroft
UK
Tatilsepeti.com
IT
Not disclosed
Not disclosed
BIC Angel Investments
Turkey
GastroClub
IT
25.00%
Not disclosed
BIC Angel Investments
Turkey
KargoWeb.com
IT
Not disclosed
0.1
BIC Angel Investments
Turkey
Telefonkilifim.com
IT
Not disclosed
0.1
Crescent Capital
Turkey
CB Elektrik
Energy
100.00%
Not disclosed
Crescent Capital
Turkey
Doğa Çevre Teknolojileri
Energy
80.00%
Not disclosed
Crescent Capital
Turkey
Kadirli BES
Energy
100.00%
Not disclosed
Crescent Capital
Turkey
Kuzeykaya HPP
Energy
50.00%
Not disclosed
Crescent Capital
Turkey
Varto HPP
Energy
100.00%
Not disclosed
Doğa Girişim
Turkey
Crushmania.com
IT
Not disclosed
Not disclosed
Egeli & Co Agricultural Venture Capital
Turkey
Doğa Tarım ve Hayvancılık
Food and Beverage
9.95%
0.2
Egeli & Co Venture Capital
Turkey
Enda Energy
Energy
1.13%
0.9
Egeli & Co Venture Capital
Turkey
KRC Gayrimenkul Yatırım
Real Estate
36.00%
12.5
Esas Holding
Turkey
Ayakkabı Dünyası
Retail
60.00%
Not disclosed
Felicis Ventures, Point Nine Capital, Team Europe
USA, Germany
Mobilike
IT
Not disclosed
Not disclosed
Galata Business Angels
Turkey
Joyfoodz.com
IT
Not disclosed
Not disclosed
Galata Business Angels
Turkey
Mapps
IT
Not disclosed
Not disclosed
Galata Business Angels
Turkey
Sinaps.com
IT
Not disclosed
Not disclosed
Galata Business Angels
Turkey
SOCIAPlus
IT
Not disclosed
0.2
Galata Business Angels
Turkey
StilSOS
IT
Not disclosed
0.2
Gedik Venture Capital
Turkey
City Farm
Food and Beverage
Globaltürk Capital, Mitsui & Co.
Turkey, Japan
Tempo Çağrı Hizmetleri
Services
Gözde Venture Capital
Turkey
Ak Alev Manyezit
Manufacturing
38.25%
1.1
Gözde Venture Capital
Turkey
Azmüsebat Çelik Sanayi
Manufacturing
48.81%
24.4
Gözde Venture Capital
Turkey
Makina Takım
Manufacturing
29.37%
22.8
Gözde Venture Capital, Turkven
Turkey
Ziylan Mağazacılık, Polaris Pazarlama, Uğur İç ve Dış Ticaret
Retail
38.50%
172.9
Gulf Capital
UAE
Doğu Tıp Merkezi
Healthcare
75.00%
Not disclosed
Hedef Venture Capital
Turkey
Tümosan Motor ve Traktör
Automotive
1.74%
4.5
Investcorp
Bahrain
Namet
Food and Beverage
Not disclosed
Not disclosed
MCI Management
Poland
Indeks Bilgisayar
IT
Mediterra Capital
Turkey
ACP Sigorta ve Reasürans Brokerliği
Financial Services
Mediterra Capital
Turkey
Arzum Elektrikli Ev Aletleri
Manufacturing
Mediterra Capital
Turkey
Kopuzmar / Uğurlu Group
Food and Beverage
Mediterra Capital
Turkey
Logo Yazılım
IT
Pera Capital
Turkey
Beken Otomotiv (Auto King)
Revo Capital
Turkey
Revo Capital
Turkey
Revo Capital
Acquirer
Country of Acquirer
Target
Sector
212 Capital Partners, Aslanoba Capital
Turkey
CloudArena
212 Capital Partners, Aslanoba Capital
Turkey
Hemenkiralik.com
212 Capital Partners, European Bank of Reconstruction and Development (EBRD), Smile Venture Partners
Turkey, UK, Russia
Abraaj Capital Abraaj Capital
49.00%
2.2
Not disclosed
Not disclosed
20.00%
26.8
Not disclosed
Not disclosed
49.00%
Not disclosed
100.00%
Not disclosed
34.60%
26.9
Services
Not disclosed
Not disclosed
eDefter.com
IT
Not disclosed
Not disclosed
Onedio
IT
Not disclosed
0.6
Turkey
8digits
IT
65.00%
Not disclosed
Rhea Venture Capital
Turkey
Netsafe Bilgi Teknolojileri Güvenliği
IT
30.00%
0.2
Templeton Strategic Emerging Fund
USA
Şok Supermarkets
Retail
10.00%
34.7
Turkven
Turkey
Medical Park
Healthcare
Not disclosed
Not disclosed
Universe Capital Partners
USA
Bilişim İnnovasyon
IT
51.00%
3.8
Vedanta Equity
Spain
UNO
Food and Beverage
40.00%
Not disclosed
Mergers and Acquisitions Report Turkey 2013
11
Sectoral breakdown When we analyse the sectoral breakdown of transactions in 2012, the energy sector ranked first both in terms of transaction volume and number of transactions. In 2013, the energy sector again ranked first in terms of transaction volume, while the IT sector had the highest number of transactions. The main drivers of the activity in the energy sector were twofold; the privatization of electricity generation and electricity and natural gas distribution companies and the strategy of both domestic and foreign investors to reserve a place in this market, in accordance with the increasing demand for energy in Turkey. Moreover, energy sector deals constituted four out of the ten largest transactions in 2013, which were privatizations in terms of deal type. In our opinion, the energy sector will continue to attract investors and maintain the same momentum in 2014 as well. In terms of transaction volume, the transportation and financial services sectors were also among the leading sectors in 2013, as was the case in 2012. The food and beverage sector stood out as well in terms of the number of transactions, while the retail and manufacturing sectors continued to draw attention in terms of both transaction volume and number of transactions.
Figure 8: Sectoral breakdown of target companies in terms of transaction volume 7,000
US$ million
6,000
5,979
5,000 4,000 2,563
3,000
1,679
2,000
989
1,000
831
556
308
548
288
Ot he r
Be ve ra ge an d
Fo od
Re al Es ta te
M ed ia
M an uf ac tu rin g
Re ta il
Fi na nc ia lS er vi ce s
Tr an sp or ta tio n
En er gy
0
Figure 9: Sectoral breakdown of target companies in terms of the number of transactions 90 80
80
70 60 50
36
40
33
32
30
25
20
21
16
15
14
21 13
10
13
10
7
12
Mergers and Acquisitions Report Turkey 2013
Ot he r
He al th ca re Re al Es ta te Ch em ic al s
M ed ia
To ur ism
Fi Re na ta nc il ia lS er vi ce Tr s an sp or ta tio n
Se rv ic es
En er gy M an uf ac Fo tu od rin an g d Be ve ra ge
IT
0
Energy The energy sector, which ranked first in 2012 with 48 transactions and a total transaction volume of US$6.97 billion, also ranked first in 2013 in terms of transaction volume and ranked second in terms of number of transactions with 36 transactions totalling US$6.0 billion. The privatization tenders of Başkent Doğalgaz Dağıtım, Kangal Thermal Power Plant and five electricity distribution regions played critical roles in the energy sector in 2013. The largest transaction in the energy sector was the privatization tender of Toroslar EDAŞ which was won by EnerjiSA with a bid value of US$1.7 billion. We expect that privatization tenders for energy generation assets, private sector transactions, and new partnership structures of the electricity distribution regions, which are already privatized, to play an important role in 2014. Therefore M&A activities are expected to continue in the energy sector.
Transportation In 2013, we saw 15 deals with a total transaction volume of US$2.6 billion in the transportation sector. In 2012, the sector had attracted particular interest from domestic investors, while in 2013, we observed more foreign investors than domestic investors in terms of the number of transactions. The most prominent foreign investors were from Malaysia and Luxembourg. The largest transaction in the sector was the privatization of Haliçport won by Sembol Uluslararası Yatırım-Ekopark Turizm-Fine Otelcilik Joint Venture with a bid value of US$1.35 billion. The other significant transaction was the privatization of Salıpazarı Cruise Port to Doğuş Holding through Transfer of Operating Rights method for a total consideration of US$702 million.
Financial Services In 2012, 23 transactions were realized with a total transaction volume of US$4.4 billion in the financial services sector. In 2013, this sector maintained its third place in terms of volume (US$1.7 billion) with 16 transactions. The largest transaction in the sector was the acquisition of 93.9% stake in Yapı Kredi Sigorta by Allianz SE for US$912.9 million. Another notable transaction in this sector was the acquisition of 70.8% stake in Alternatif Bank by Commercial Bank of Qatar for US$430.8 million.
Retail The retail sector, which did not rank highly in terms of transaction volume in 2012, saw 21 transactions with a total transaction volume of US$989 million in 2013 and ranked fourth in terms of transaction volume. Outstanding transactions in the retail sector in 2013 were the acquisition of 50% stake in Beymen Mağazacılık for US$287 million by Altınyıldız and the acquisition of 50% stake in Ziylan Mağazacılık, Polaris Pazarlama ve Uğur İç ve Dış Ticaret for US$224.6 million by BİM Birleşik Mağazalar, Gözde Venture Capital and Turkven.
Manufacturing The manufacturing sector ranked seventh in 2012 with 30 transactions generating a total transaction volume of US$457 million. In 2013, the manufacturing sector ranked fifth in terms of transaction volume with 33 transactions and US$831 million. The most important transactions in the manufacturing sector in 2013 were the acquisition of 90% stake in Viko for US$460 million by Japanese Panasonic and the acquisition of Mutlu Holding and Mutlu Akü by South Africa based Metair for US$211.9 million.
Media The media sector was not listed as one of the leading sectors either in terms of transaction volume or number of transactions in 2012. However, in 2013, the sector ranked sixth in terms of transaction volume with 13 transactions totalling US$556 million. The largest and the most important transaction realized in the media sector in 2013 was the acquisition of Show TV, which was firstly transferred to the Saving Deposit Insurance Fund of Turkey (SDIF) and subsequently acquired by Ciner Group for US$402 million.
Other Sectors Other notable sectors in 2013 include the real estate with Euro Taurus’s (GIC) acquisition of 50% stake in Optimum Ankara Shopping Mall for US$165 million, and the food and beverage sector, with Yıldız Holding’s acquisition of Adapazarı Sugar Factory for US$91.2 million. In addition, even though the IT sector did not rank as one of the leading sectors in terms of transaction volume, it ranked number one in terms of the number of transactions with 80 transactions.
Mergers and Acquisitions Report Turkey 2013
13
Public sector deals
The privatization tender of Bridges and Highways, which was won in 2012 by the Koç Holding-UEM Group Berhad-Gözde Venture Capital Joint Venture for US$5.7 billion and constituted 46% of the total public sector transaction volume in 2012, was subsequently cancelled in 2013 by the Privatization High Council. If we exclude this transaction, public sector deals totalled US$6.7 billion in 2012, or 39% of the total transaction volume. A substantial increase in public sector deals was observed in 2013 and these deals totalled US$8.4 billion, constituting 61% of the total transaction volume. The main reason for the higher transaction volume in the public sector in 2013 compared to 2012 was the realization of high volume privatizations and Transfer of Operating Rights. In 2013, while 70% of the public sector transactions consisted of privatizations, we observed that Transfer of Operating Rights also had a major share.
In 2013, public sector transactions constituted 61% of the total M&A activity…
In 2013, the most notable public sector deals were; the privatization of Toroslar EDAŞ won by EnerjiSA with the highest bid of US$1.7 billion, the privatization of Haliçport through Transfer of Operating Rights method won by Sembol Uluslararası Yatırım-Ekopark Turizm-Fine Otelcilik Joint Venture with the highest bid of US$1.3 billion, the privatization of AYEDAŞ won by EnerjiSA with the highest bid of US$1.2 billion and the privatization of Başkent Doğalgaz Dağıtım with the highest bid of US$1.2 billion offered by Torunlar Gıda. Other major public sector deals realized in 2013 were the privatization of Kangal Thermal Power Plant won by Konya Şeker with the highest bid of US$985 million and the privatization of Salıpazarı Cruise Port through Transfer of Operating Rights method won by Doğuş Holding for a consideration of US$702 million. These six public sector deals constituted 85% of the total public sector transaction volume. It is notable that, as was the case in the previous years, domestic investors were the main participants and the winners of the privatization tenders in 2013.
Figure 10: Number and volume of public sector transactions 5 deals SDIF 1% 2 deals 9 deals Transfer of Operating Privatization 3% Rights 1%
Transfer of Operating Rights15% US$2.0 billion
SDIF 3% US$0.5 billion
Privatization 43% US$5.9 billion
320 deals Private Deals 95%
Private Deals 39% US$5.3 billion
Expected public sector deals for 2014 are the privatizations of National Lottery and horse race betting, electricity generation assets owned by EÜAŞ, various ports owned by TCDD (State Railways of the Republic of Turkey) and TDİ (Maritime Organization of Turkey) and Turkish sugar factory portfolios. If these transactions are realized in 2014, the transaction volume of public sector deals is expected to equal or even likely exceed the volume realized in 2013. In addition, it is also possible that the privatization of Bridges and Highways cancelled in 2013 and the privatizations of İGDAŞ (Istanbul Natural Gas Distribution) and İSPARK (Istanbul car parks), both belonging to İstanbul Metropolitan Municipality, may be realized in 2014.
14
Mergers and Acquisitions Report Turkey 2013
Transaction volumes After the cancellation of the privatization of Bridges and Highways, 5 transactions over one billion US dollars were realized in 2012. In 2013, only 4 transactions over one billion US dollars were realized. Of the transactions with disclosed values in 2013, deals with the highest values were the EnerjiSA-Toroslar EDAŞ privatization with a deal value of US$1.7 billion, the Sembol Uluslararası Yatırım-Ekopark Turizm-Fine Otelcilik Joint Venture-Haliçport privatization with a deal value of US$1.3 billion, the EnerjiSA-AYEDAŞ privatization with a deal value of US$1.2 billion and the Torunlar Gıda-Başkent Doğalgaz Dağıtım privatization with a deal value of US$1.2 billion. It is also worth mentioning that in 2013, as opposed to 2012, there were no private sector deals exceeding one billion US dollars. The private sector deal with the highest value was the acquisition of 93.9% stake in Yapı Kredi Sigorta by Allianz SE for a consideration of US$912.9 million. While a small number of high valued privatization tenders and private sector deals pushed up the total transaction volume in 2013, the total number of transactions below US$50 million constituted 75% of the total number of transactions with disclosed values, in line with 2011 and 2012 figures. Moreover, small sized transactions that constituted an important part of total transactions in terms of number of deals and the decrease in the number of large sized transactions were the main factors for the deterioration in the average transaction size in 2013. In 2013, the top 10 deals accounted for 68% of the total transaction volume. If we include transactions with undisclosed values in our assessment of total transaction volume (approximately US$20 billion), this ratio falls to 47%. Since these numbers decreased compared to 2012 levels, it can be concluded that there is an increase in the share of small sized transactions and a decrease in the average transaction size.
Figure 11: Disclosed transactions value range – in terms of number of transactions 3
Figure 12: Disclosed transactions value range – in terms of transaction volume
4
US$5,460 million
15
12
US$2,600 million US$1,045 million
101
US$848 million
US$3,788 million US$25 billion
22
US$6-10 billion
Mergers and Acquisitions Report Turkey 2013
The investment environment in Turkey in 2014 While 58% of the participants in 2012 had expected a positive investment environment in Turkey for 2013, mostly due to the uncertainties in the world economy and their potential impact on the Turkish economy, this percentage considerably decreased to 20% in 2014. 76% of participants expected a stagnant investment environment in 2014. In 2012 none of the participants had expected a negative environment for 2013. However, this year 2% of participants expected a negative environment for 2014. The share of participants who evaluated the investment environment in Turkey as uncertain in 2014 was 2%. Therefore, the Turkish business community has a significant negativity and disruption in their expectations for the investment environment in 2014.
2013
2012 4%
2% 2% 20%
38%
76%
58%
Positive
Positive
Stagnant
Stagnant
Negative
Uncertain
Uncertain
Impact of ongoing crisis environment in most of the EU countries on Turkey According to the survey results, 54% of the survey participants expected the potential impact on Turkey of the ongoing economic problems and the crisis environment prevailing in most of the EU countries to be limited, 27% expected a high impact and only 17% of the participants expected a low impact in 2014. 2% of the participants did not expect any impact of this ongoing crisis environment on Turkey.
2013
2012
2%
14%
17%
17% 54%
69%
27% Limited impact
Limited impact
High impact
High impact
Low impact
Low impact
No impact
Mergers and Acquisitions Report Turkey 2013
23
Impact of the FED’s policy on decreasing asset purchases on Turkey 49% of the participants expected that the FED’s policy on decreasing asset purchases would have a high impact on Turkey, whereas 37% expected the impact to be limited and 12% to be low. 2% of the participants expected that the FED’s recent policy on asset purchases would not have any impact on Turkey.
2% 12%
49%
High impact Limited impact Low impact No impact
37%
24
Mergers and Acquisitions Report Turkey 2013
List of M&A transactions in 2013*
(*) The list has been prepared in alphabetic order according to the target company name.
Mergers and Acquisitions Report Turkey 2013
25
26
Date
Deal Value (US$ million)
Deal Type
Not disclosed
January 13
Not disclosed
Acquisition
Turkey
65.00%
November 13
Not disclosed
Acquisition
Malaysia
90.00%
July 13
252.0
Acquisition
Mediterra Capital
Turkey
Not disclosed
December 13
Not disclosed
Acquisition
Akfen Holding
Turkey
50.00%
December 13
12.3
Acquisition
Food and Beverage
Yıldız Holding
Turkey
98.80%
September 13
91.2
Acquisition
IT
Arena Bilgisayar
Turkey
47.78%
September 13
1.1
Acquisition
Airmark Tourism
Transportation
Aviareps
Germany
Not disclosed
January 13
Not disclosed
Merger
Ak Alev Manyezit
Manufacturing
Gözde Venture Capital
Turkey
38.25%
April 13
1.1
Acquisition
akakce.com
IT
Netprice
Japan
20.00%
May 13
Not disclosed
Acquisition
Akfil Holding
Real Estate
Garanti Koza İnşaat
Turkey
45.00%
March 13
52.4
Acquisition
Akıncı, Armağan, Umut, Yavuz and Midilli HPPs
Energy
Bereket Enerji
Turkey
100.00%
June 13
Not disclosed
Acquisition
Akyürek Petrol
Energy
Yayla Motorlu Araçlar
Turkey
100.00%
December 13
Not disclosed
Acquisition
Alpay Energy
Energy
San Leon Energy
Ireland
75.00%
September 13
4.0
Acquisition
Alternatif Bank
Financial Services
Commercial Bank of Qatar
Qatar
70.84%
March 13
430.8
Acquisition
Alternatif Leasing
Financial Services
Alternatif Bank
Turkey
99.88%
July 13
62.6
Acquisition
AlwaysFashion.com
IT
Aslanoba Capital
Turkey
10.00%
April 13
Not disclosed
Acquisition
Anadolu Rakı
Food and Beverage
Livadi Group
Turkey
50.00%
December 13
Not disclosed
Acquisition
Anel Mekanik
Services
Anel Elektrik
Turkey
40.00%
June 13
3.5
Acquisition
AnelEs Elektronik
IT
İnformatik Bilişim
Turkey
100.00%
April 13
3.8
Acquisition
Antalya Dedeman Hotel
Tourism
Barut Hotels
Turkey
100.00%
October 13
Not disclosed
Acquisition
Antoil
Energy
Infinity Invest Holding
UK
100.00%
August 13
Not disclosed
Acquisition
Aras EDAŞ
Energy
Kiler-Çalık Joint Venture
Turkey
100.00%
March 13
128.5
Privatization
Aras Kargo
Transportation
Austria Post
Austria
25.00%
June 13
65.0
Acquisition
Arlight Aydınlatma
Manufacturing
Fagerhult
Sweden
100.00%
December 13
38.3
Acquisition
Arser İş Makineleri
Services
Still GmbH
Germany
51.00%
June 13
Not disclosed
Acquisition
Artem
Services
Atalian Global Services
France
100.00%
February 13
Not disclosed
Acquisition
Arzum Elektrikli Ev Aletleri
Manufacturing
Mediterra Capital
Turkey
49.00%
November 13
Not disclosed
Acquisition
Assan Liman İşletmeleri
Transportation
Terminal Investment Limited Group
Netherlands
50.00%
August 13
Not disclosed
Acquisition
Aten Atık
Services
Alba Group
Germany
50.00%
March 13
Not disclosed
Acquisition
Ayakkabı Dünyası
Retail
Esas Holding
Turkey
60.00%
December 13
Not disclosed
Acquisition
Aytaç Et
Food and Beverage
Yıldız Holding, Ak Gıda
Turkey
75.00%
September 13 77.0
Acquisition
Azmüsebat Çelik Sanayi
Manufacturing
Gözde Venture Capital
Turkey
48.81%
April 13
24.4
Acquisition
Başak Depoculuk
Services
Özkardeş Group
Turkey
100.00%
August 13
Not disclosed
Acquisition
Başkent Doğalgaz Dağıtım
Energy
Torunlar Gıda
Turkey
100.00%
January 13
1,162.0
Privatization
Baymak
Manufacturing
BDR Thermea
Netherlands
50.00%
March 13
Not disclosed
Acquisition
Beken Otomotiv (Auto King)
Services
Pera Capital
Turkey
Not disclosed
December 13
Not disclosed
Acquisition
Benal Consultancy
Services
Aswar National Group
Kuwait
100.00%
June 13
Not disclosed
Acquisition
Best Western Plus Khan Hotel
Tourism
Güncem Turizm
Turkey
100.00%
July 13
7.9
Acquisition
Beyaz İletişim, Ekip Elektronik
Retail
Penta Teknoloji
Turkey
100.00%
September 13
11.9
Acquisition
Beyazkutu.com
IT
Demsa Group
Turkey
100.00%
March 13
Not disclosed
Acquisition
Beymen Mağazacılık
Retail
Altınyıldız
Turkey
50.00%
June 13
287.0
Acquisition
Bileşim Alternatif Dağıtım Kanalları ve Ödeme Sistemleri
IT
Halkbank
Turkey
76.00%
June 13
7.1
Acquisition
Bilim İlaç, Hüsnü Arsan İlaçları
Healthcare
Urfar İlaç
Turkey
Not disclosed
December 13
Not disclosed
Acquisition
Bilişim İnnovasyon
IT
Universe Capital Partners
USA
51.00%
September 13
3.8
Acquisition
Bilyoner İnteraktif Hizmetler
IT
Intralot, Hitay Investment Holding
Greece, Turkey
55.00%
August 13
Not disclosed
Acquisition
Bimeks
Retail
SPV Informatics
Turkey
7.10%
March 13
5.7
Acquisition
Bitaksi
IT
Aslanoba Capital
Turkey
Not disclosed
June 13
2.0
Acquisition
Tourism Facility in Bodrum
Tourism
Ofton İnşaat
Turkey
100.00%
July 13
Not disclosed
Acquisition
Boni
IT
Aslanoba Capital
Turkey
20.00%
January 13
1.0
Acquisition
Borsa İstanbul
Financial Services
The Nasdaq OMX Group
USA
Not disclosed
December 13
Not disclosed
Acquisition
Bosphorus Gas Corporation
Energy
Gazprom
Russia
20.00%
April 13
Not disclosed
Acquisition
Boyner Büyük Mağazacılık
Retail
Altınyıldız
Turkey
30.05%
June 13
96.7
Acquisition
Buldumbuldum.com
IT
Aslanoba Capital
Turkey
20.00%
June 13
2.5
Acquisition
Bursa Çimento
Manufacturing
İsmail Tarman (Private Investor)
Turkey
12.90%
May 13
Not disclosed
Acquisition
Callus Bilgi İletişim
Services
Comdata SpA
Italy
100.00%
May 13
Not disclosed
Acquisition
Target
Sector
Acquirer
Country of Acquirer
59saniye
IT
Ekşi Sözlük
Turkey
8digits
IT
Revo Capital
Acıbadem Sigorta
Financial Services
Avicenna Capital (Khazanah Nasional Berhad)
ACP Sigorta ve Reasürans Brokerliği
Financial Services
Adana İpekyolu Enerji Üretim
Energy
Adapazarı Sugar Factory ADEO Bilişim
Mergers and Acquisitions Report Turkey 2013
Stake
Date
Deal Value (US$ million)
Deal Type
100.00%
February 13
Not disclosed
Acquisition
12.00%
April 13
78.4
Acquisition
Turkey
100.00%
August 13
Not disclosed
Acquisition
Crescent Capital
Turkey
100.00%
May 13
Not disclosed
Acquisition
Jadwa Investment Company
Saudi Arabia
37.00%
November 13
Not disclosed
Acquisition
Energy
Kalyon İnşaat
Turkey
40.00%
April 13
Not disclosed
Acquisition
Cicek.com
IT
Ciceksepeti.com
Turkey
100.00%
May 13
2.2
Acquisition
Citi Türkiye-Retail Banking Division
Financial Services
Denizbank
Turkey
100.00%
April 13
Not disclosed
Acquisition
City Farm
Food and Beverage
Gedik Venture Capital
Turkey
49.00%
November 13
2.2
Acquisition
CLK Holding
Energy
Ossis Sınai Yatırımlar
Turkey
38.10%
October 13
13.9
Acquisition
CloudArena
IT
212 Capital Partners, Aslanoba Capital
Turkey
Not disclosed
July 13
1.5
Acquisition
Conrad İstanbul
Tourism
Aksoy Holding
Turkey
26.00%
June 13
42.5
Privatization
Crushmania.com
IT
Doğa Girişim
Turkey
Not disclosed
November 13
Not disclosed
Acquisition
C-Section
Media
WPP
UK
100.00%
February 13
Not disclosed
Acquisition
Çağdaş Healthcare, Hastur Hospitals, Ege Private Healthcare Services
Healthcare
Kemer Medical Center
Turkey
Not disclosed
April 13
Not disclosed
Merger
Çan Kömür
Mining
Odaş Elektrik
Turkey
92.00%
September 13
3.3
Acquisition
Çekisan Depolama Hizmetleri
Services
BP Petrolleri
UK
35.00%
May 13
Not disclosed
Acquisition
Çelebi Havacılık Holding
Transportation
Actera
Luxembourg
50.00%
January 13
142.0
Acquisition
Çelebi Marina
Transportation
Setur
Turkey
100.00%
September 13
Not disclosed
Acquisition
Çelik İplik
Textile
Ossis Sınai Yatırımlar
Turkey
45.00%
October 13
13.6
Acquisition
Çepaş Madencilik
Mining
Gestamp
Spain
40.00%
October 13
Not disclosed
Acquisition
Çimko Çimento
Manufacturing
Sanko Holding
Turkey
30.00%
December 13
Not disclosed
Acquisition
Daniska
IT
Rabarba
Turkey
Not disclosed
March 13
Not disclosed
Acquisition
Darty Türkiye
Retail
Bimeks
Turkey
100.00%
December 13
Not disclosed
Acquisition
Daybuyday.com
IT
Hepsiburada.com
Turkey
100.00%
December 13
Not disclosed
Acquisition
Deksarnet Telekomünikasyon
IT
Superonline
Turkey
100.00%
March 13
1.8
Acquisition
Demir Sigorta
Financial Services
Cynvest Holding, GroupMed International Management
Lebanon
90.00%
August 13
Not disclosed
Acquisition
Dentistanbul
Healthcare
Murat Özel (Private Investor)
Turkey
100.00%
July 13
3.8
Acquisition
Dharma İlaç
Healthcare
Laboratoires Expanscience
France
100.00%
May 13
Not disclosed
Acquisition
DiaSA Supermarkets
Retail
Şok Supermarkets
Turkey
100.00%
June 13
166.0
Acquisition
Dicle EDAŞ
Energy
İşkaya-Doğu Joint Venture
Turkey
100.00%
March 13
387.0
Privatization
Doğa Çevre Teknolojileri
Energy
Crescent Capital
Turkey
80.00%
June 13
Not disclosed
Acquisition
Doğa Tarım ve Hayvancılık
Food and Beverage
Egeli & Co Agricultural Venture Capital
Turkey
9.95%
July 13
0.2
Acquisition
Doğan TV Holding
Media
Doğan Holding
Turkey
2.49%
January 13
83.5
Acquisition
Doğu Tıp Merkezi
Healthcare
Gulf Capital
UAE
75.00%
April 13
Not disclosed
Acquisition
Doğuş University
Education
Fethi Şimşek (Private Investor)
Turkey
100.00%
May 13
Not disclosed
Acquisition
Dost Kompresör ve Endüstri Makinaları
Services
Atlas Copco
Sweden
100.00%
September 13
Not disclosed
Acquisition
Double Tree by Hilton Ankara
Tourism
Kombassan Group
Turkey
100.00%
November 13
Not disclosed
Acquisition
Dugun.com
IT
Aslanoba Capital
Turkey
16.60%
July 13
2.0
Acquisition
Duran Doğan Basım ve Ambalaj Sanayi
Manufacturing
LGR International
France
23.63%
February 13
10.7
Acquisition
Duysan Odyoloji
Healthcare
Siemens
Germany
100.00%
January 13
Not disclosed
Acquisition
Dünyagöz Hospitals Group
Healthcare
Eray Kapıcıoğlu (Private Investor)
Turkey
30.00%
May 13
Not disclosed
Acquisition
eDefter.com
IT
Revo Capital
Turkey
Not disclosed
November 13
Not disclosed
Acquisition
EFA Ticaret ve Pazarlama
Services
C&J Clarks Overseas
UK
100.00%
August 13
Not disclosed
Acquisition
Efeler Market, Memar Market
Retail
Kim Group
Turkey
100.00%
November 13
Not disclosed
Acquisition
Ehil.com
IT
Aslanoba Capital
Turkey
20.00%
March 13
1.0
Acquisition
ELBİ Elektrik
Manufacturing
ABB
Switzerland
100.00%
September 13
Not disclosed
Acquisition
Electro World Türkiye
Retail
Dixons Retail
UK
40.00%
July 13
Not disclosed
Acquisition
Electro World Türkiye
Retail
Bimeks
Turkey
100.00%
September 13
2.9
Acquisition
Elsim Otomasyon
Manufacturing
Kollmorgen
USA
100.00%
March 13
Not disclosed
Acquisition
EMBA Elektrik Üretim
Energy
Shanghai Electric Power
China
50.01%
November 13
0.2
Acquisition
Enda Energy
Energy
Egeli & Co Venture Capital
Turkey
1.13%
March 13
0.9
Acquisition
Enerji Yatırımları A.Ş.
Energy
Koç Holding
Turkey
2.00%
December 13
50.6
Acquisition
Ericom Telekomünikasyon
Telecom
Tümer Tarım Hayvancılık
Turkey
28.13%
May 13
3.5
Acquisition
Esyem Adapazarı Ticari ve İktisadi Bütünlüğü
Food and Beverage
Alp Hindi
Turkey
100.00%
June 13
1.9
SDIF
Etiler İnci Büfe
Food and Beverage
Karsusan Karadeniz Su Ürünleri
Turkey
66.66%
January 13
6.2
Acquisition
Target
Sector
Acquirer
Country of Acquirer
Cansan Metalurji
Manufacturing
Koç Haddecilik
Turkey
CarrefourSA
Retail
Sabancı Holding
Turkey
Casati Türkiye
Chemicals
DYO Boya
CB Elektrik
Energy
Cemre İnşaat Plastik Su Ürünleri
Construction
CIG Enerji
Mergers and Acquisitions Report Turkey 2013
Stake
27
Date
Deal Value (US$ million)
Deal Type
Not disclosed
July 13
5.0
Acquisition
Turkey
50.00%
March 13
Not disclosed
Acquisition
Turkey
100.00%
October 13
6.3
Acquisition
Mobiliz
Turkey
Not disclosed
October 13
Not disclosed
Merger
Services
CRIF
Italy
100.00%
January 13
Not disclosed
Acquisition
Fintek
IT
Ziraat Bank
Turkey
24.00%
August 13
Not disclosed
Acquisition
Fırsat Bu Fırsat
IT
Aslanoba Capital
Turkey
Not disclosed
June 13
1.0
Acquisition
Fiskobirlik Ünye Cracking Facility
Food and Beverage
Durak Fındık
Turkey
100.00%
July 13
5.4
Acquisition
Fit&Color
IT
Aslanoba Capital
Turkey
Not disclosed
October 13
0.5
Acquisition
Fora Zeytin
Food and Beverage
Mermerler Group of Companies
Turkey
100.00%
December 13
Not disclosed
Acquisition
GADA Türkiye
Healthcare
Terumo BCT
USA
100.00%
November 13
Not disclosed
Acquisition
Galata Enerji
Energy
Global Enerji
Turkey
25.00%
October 13
Not disclosed
Acquisition
Galva Metal
Services
Wuppermann Group
Germany
35.00%
December 13
Not disclosed
Acquisition
Garajİstanbul
Entertainment
Alp Çağrı Günal, Ahmet Kunt Sağanak (Private Investors)
Turkey
100.00%
December 13
Not disclosed
Acquisition
Garanti Koza Akiş Adi Ortaklığı
Real Estate
Garanti Koza İnşaat
Turkey
25.00%
March 13
10.0
Acquisition
GastroClub
IT
BIC Angel Investments
Turkey
25.00%
June 13
Not disclosed
Acquisition
Geliş Madencilik
Mining
Global Enerji
Turkey
85.00%
October 13
Not disclosed
Acquisition
Genel Teknik Sistemler
Services
Mitsubishi Electric
Japan
100.00%
March 13
Not disclosed
Acquisition
Genpower
Manufacturing
Artı Yatırım Holding
Turkey
6.90%
September 13
4.2
Acquisition
Gesa Güç Sistemleri
Manufacturing
AKSA Enerji
Turkey
100.00%
April 13
Not disclosed
Acquisition
Gezisitesi.com
IT
Bahattin Yücel (Private Investor)
Turkey
70.00%
April 13
Not disclosed
Acquisition
Global Menkul Değerler
Financial Services
Azimut Holding
Italy
5.00%
January 13
Not disclosed
Acquisition
Gloria Jean’s Coffees Türkiye
Food and Beverage
Group DNC
Turkey
100.00%
February 13
Not disclosed
Acquisition
Göktepe Plastik - Pınarbaşı Factory
Manufacturing
Kılıçlar Scrap
Turkey
100.00%
December 13
Not disclosed
Acquisition
Graniser
Manufacturing
European Bank for Reconstruction and Development (EBRD)
UK
Not disclosed
October 13
13.7
Acquisition
Green Platan Hotel
Tourism
Dilek Holding
Turkey
100.00%
August 13
Not disclosed
Acquisition
Group 29
Food and Beverage
Doğuş Holding
Turkey
75.00%
August 13
Not disclosed
Acquisition
GTG Eğitim Danışmanlık , GUT Temizlik
Services
Trenkwalder International
Austria
20.00%
January 13
Not disclosed
Acquisition
GüvenRehberi.com
IT
Aslanoba Capital
Turkey
Not disclosed
October 13
Not disclosed
Acquisition
Hakan Plastik
Manufacturing
Georg Fischer
Switzerland
Not disclosed
July 13
Not disclosed
Acquisition
Haliçport
Transportation
Sembol Uluslararası Yatırım-Ekopark Turizm-Fine Turkey Otelcilik Joint Venture
N/A
July 13
1,346.0
Transfer of Operating Rights
Hamitabat Elektrik Üretim
Energy
Limak Holding
Turkey
100.00%
March 13
105.0
Privatization
Harranova Besi ve Tarım Ürünleri
Food and Beverage
Namet
Turkey
100.00%
February 13
8.8
Acquisition
Hazinem.com
IT
Aslanoba Capital
Turkey
Not disclosed
July 13
1.0
Acquisition
HBS Sigorta
Financial Services
Besso Insurance Group Limited
UK
100.00%
June 13
Not disclosed
Acquisition
Hedef Alliance
Healthcare
Alliance Boots
UK
20.00%
October 13
Not disclosed
Acquisition
Hediyedenizi.com
IT
Buldumbuldum.com
Turkey
100.00%
July 13
Not disclosed
Acquisition
Heksan İklimlendirme Sistemleri
Manufacturing
Senotek Mühendislik Enerji İklimlendirme
Turkey
49.99%
December 13
Not disclosed
Acquisition
Hemenkiralik.com
IT
212 Capital Partners, Aslanoba Capital
Turkey
Not disclosed
June 13
2.5
Acquisition
Hitit Loyalty
IT
Amadeus
Spain
100.00%
April 13
Not disclosed
Acquisition
HSS Otomotiv
Automotive
TrelleborgVibracoustic (TBVC)
Germany
100.00%
March 13
Not disclosed
Acquisition
Huzur Radyo TV (Fox TV)
Media
Engin Güner (Private Investor)
Turkey
Not disclosed
March 13
Not disclosed
Acquisition
Iberdrola Yenilenebilir Enerji Üretimi
Energy
Güriş İnşaat
Turkey
100.00%
March 13
Not disclosed
Acquisition
Indeks Bilgisayar
IT
MCI Management
Poland
20.00%
March 13
26.8
Acquisition
InfoDif
IT
Aslanoba Capital
Turkey
Not disclosed
October 13
Not disclosed
Acquisition
Intelrad.com
IT
Fatih İşbecer (Private Investor)
Turkey
30.00%
September 13
Not disclosed
Acquisition
İCG Yatırım Holding
Financial Services
Müjdat Uslu (Private Investor)
Turkey
82.24%
August 13
6.7
Acquisition
İdemama.com
IT
Aslanoba Capital
Turkey
Not disclosed
October 13
Not disclosed
Acquisition
İkisu HPP
Energy
IC İçtaş
Turkey
100.00%
December 13
Not disclosed
Acquisition
İlhanlar Haddecilik-Profile Factory
Manufacturing
Yücel Boru
Turkey
100.00%
December 13
Not disclosed
Acquisition
İncir.com
IT
Aslanoba Capital
Turkey
Not disclosed
May 13
1.0
Acquisition
iyibilir.com
IT
Doğa Bilişim Holding
Turkey
Not disclosed
January 13
Not disclosed
Acquisition
İninal.com
IT
Aslanoba Capital
Turkey
Not disclosed
June 13
Not disclosed
Acquisition
iPara
IT
Multinet
Turkey
100.00%
March 13
Not disclosed
Acquisition
İstanbul Anadolu Yakası Elektrik Dağıtım (AYEDAŞ)
Energy
EnerjiSA
Turkey
100.00%
March 13
1,227.0
Privatization
İstanbul Deri Fuarı
Services
UBM
UK
50.00%
March 13
Not disclosed
Acquisition
Target
Sector
Acquirer
Country of Acquirer
Evim.net
IT
212 Capital Partners, European Bank for Reconstruction and Development (EBRD), Smile Venture Partners
Turkey, UK, Russia
Evrencik Elektrik Üretim
Energy
STFA
Evrensel Madencilik
Mining
CLK Holding
FiloTurk
IT
Finar, D&B Türkiye, Kompass Türkiye
28
Mergers and Acquisitions Report Turkey 2013
Stake
Date
Deal Value (US$ million)
Deal Type
Not disclosed
July 13
4.4
Merger
Belgium
50.00%
November 13
Not disclosed
Acquisition
China
100.00%
May 13
23.3
Acquisition
Galata Business Angels
Turkey
Not disclosed
May 13
Not disclosed
Acquisition
Crescent Capital
Turkey
100.00%
May 13
Not disclosed
Acquisition
Transportation
Actera
Luxembourg
100.00%
June 13
Not disclosed
Acquisition
Kangal Thermal Power Plant
Energy
Konya Şeker
Turkey
100.00%
February 13
985.0
Privatization
Karasular Enerji
Energy
Aquila Capital Wasserkraft Invest, Aquila Hydropower Invest
Germany
60.00%
March 13
48.3
Acquisition
KargoWeb.com
IT
BIC Angel Investments
Turkey
Not disclosed
September 13 0.1
Acquisition
Karkim Sondaj Akışkanları
Chemicals
Murat Çelik (Private Investor)
Turkey
62.98%
February 13
15.8
Acquisition
Kavram Enerji
Energy
Fina Energy
Turkey
100.00%
November 13
Not disclosed
Acquisition
KE Fibertec Türkiye
Services
KE Fibertec
Denmark
90.00%
December 13
Not disclosed
Acquisition
Kemal Kükrer
Food and Beverage
Ajinomoto
Japan
50.00%
November 13
29.6
Acquisition
Kemer Imperial Hotel, Seven Seas Hotel
Tourism
OTI Holding
Turkey
100.00%
July 13
71.3
Acquisition
Kemer Resort Hotel
Tourism
Barut Hotels
Turkey
100.00%
April 13
57.0
Acquisition
KLG Lojistik Türkiye
Transportation
Ekol Lojistik
Turkey
100.00%
August 13
Not disclosed
Acquisition
Komşufırın
Food and Beverage
Hasip Gençer (Private Investor)
Turkey
Not disclosed
November 13
Not disclosed
Acquisition
Kopaş Kozmetik, Aktif Kozmetik
Chemicals
Kar Kozmetik
Turkey
Not disclosed
February 13
Not disclosed
Acquisition
Kopuzmar / Uğurlu Group
Food and Beverage
Mediterra Capital
Turkey
100.00%
June 13
Not disclosed
Acquisition
Korda
Services
Inapa
Portugal
100.00%
August 13
Not disclosed
Acquisition
Kraft Gıda
Food and Beverage
Doğuş Çay
Turkey
100.00%
February 13
Not disclosed
Acquisition
KRC Gayrimenkul Yatırım
Real Estate
Kenan Onak, Ayten Onak (Private Investors)
Turkey
36.00%
December 13
12.6
Acquisition
KRC Gayrimenkul Yatırım
Real Estate
Egeli & Co Venture Capital
Turkey
36.00%
April 13
12.5
Acquisition
Kroma Baskı Öncesi Hazırlık Sistemleri
Manufacturing
Matthews International
USA
38.50%
February 13
Not disclosed
Acquisition
Kron Telekomünikasyon
Telecom
Netaş Telekomünikasyon
Turkey
10.00%
November 13
0.8
Acquisition
Kuponista.com
IT
Adideo
Hong Kong
100.00%
December 13
Not disclosed
Acquisition
Kuzeykaya HPP
Energy
Crescent Capital
Turkey
50.00%
May 13
Not disclosed
Acquisition
Lacivert Restaurants
Food and Beverage
Doğuş Holding
Turkey
75.00%
May 13
Not disclosed
Acquisition
Latek Holding
Manufacturing
Müjdat Uslu (Private Investor)
Turkey
74.12%
August 13
27.2
Acquisition
Lidyana.com
IT
Hubert Burda Media
Germany
22.00%
September 13
5.9
Acquisition
Lilakutu
IT
Aslanoba Capital
Turkey
Not disclosed
August 13
Not disclosed
Acquisition
Limango, Arabulvar, Bonprix, OGLI
IT
Doğan Online
Turkey
100.00%
December 13
Not disclosed
Acquisition
Logo Yazılım
IT
Mediterra Capital
Turkey
34.60%
April 13
26.9
Acquisition
Logobi Yazılım
IT
Logo Software
Turkey
40.00%
December 13
0.4
Acquisition
LykiaWorld Ölüdeniz Tourism Facility
Tourism
Özyer Group
Turkey
100.00%
March 13
Not disclosed
Acquisition
M1 Meydan Ümraniye Shopping Mall
Real Estate
Gülaylar Group
Turkey
100.00%
June 13
Not disclosed
Acquisition
Maçakızı Bodrum
Tourism
Doğuş Holding
Turkey
60.00%
April 13
Not disclosed
Acquisition
MailMag
IT
Aslanoba Capital
Turkey
Not disclosed
June 13
0.6
Acquisition
Makina Takım
Manufacturing
Gözde Venture Capital
Turkey
29.37%
August 13
22.8
Acquisition
Maltepe Shopping Mall
Real Estate
Çankaya Municipality
Turkey
56.77%
March 13
35.5
Acquisition
Mapps
IT
Galata Business Angels
Turkey
Not disclosed
February 13
Not disclosed
Acquisition
Marmaris Tourism Facility
Tourism
Green Tourism
Turkey
100.00%
September 13
27.0
SDIF
Mars Lojistik
Transportation
Hitachi Transport System
Japan
51.00%
July 13
Not disclosed
Acquisition
Mata Automotive
Automotive
Ahu Grandkuşoğlu, Moiz Zilberman (Private Investors)
Turkey
75.00%
January 13
Not disclosed
Acquisition
Mediamax Türkiye
Media
Havas Worldwide
France
51.00%
March 13
Not disclosed
Acquisition
Medical Park
Healthcare
Turkven
Turkey
Not disclosed
December 13
Not disclosed
Acquisition
Medyasoft
IT
Penta Teknoloji
Turkey
100.00%
October 13
Not disclosed
Acquisition
Metrekare.com
IT
Aslanoba Capital, Earlybird Venture Capital
Turkey, Germany
Not disclosed
December 13
Not disclosed
Acquisition
Mezzaluna
Food and Beverage
Doğuş Holding
Turkey
70.00%
March 13
Not disclosed
Acquisition
MİM Su Arıtma
Services
A.O. Smith Corporation
USA
100.00%
February 13
Not disclosed
Acquisition
MKB Oluklu Mukavva
Manufacturing
Rondo Gananhl
Austria
100.00%
March 13
Not disclosed
Acquisition
MMC Sanayi ve Ticaret Yatırımları
Financial Services
Burçak Sayılgan, Kervansaray Hotel Verwaltungs
Turkey, Germany
59.41%
March 13
13.9
Acquisition
MNG Medya, MNG Sanal Ürün Pazarlama
Media
GS Holding
South Korea
Not disclosed
January 13
Not disclosed
Acquisition
MNG Teknik
Transportation
Turkish Airlines
Turkey
100.00%
April 13
Not disclosed
Acquisition
Mobil Oil Türk Jet Yakıtı İkmal Üniteleri
Energy
Turkish Airlines Opet
Turkey
100.00%
November 13
Not disclosed
Acquisition
Mobilike
IT
Felicis Ventures, Point Nine Capital, Team Europe USA, Germany
Not disclosed
September 13
Not disclosed
Acquisition
Modanisa.com
IT
Aslanoba Capital
Not disclosed
November 13
Not disclosed
Acquisition
Mompery.com
IT
Ercan Canmutlu, Kubilay Yıldız (Private Investors) Turkey
30.00%
May 13
2.0
Acquisition
Target
Sector
Acquirer
Country of Acquirer
İstanbul Kuyumcu Sanatkarları Toplu İşyeri Yapı Kooperatifi
Retail
Kuyaş
Turkey
İzoberrock
Chemicals
Ravago
J10 Auto Brand (Karsan)
Automotive
Hubei Suizhou
Joyfoodz.com
IT
Kadirli BES
Energy
Kamil Koç
Turkey
Mergers and Acquisitions Report Turkey 2013
Stake
29
Date
Deal Value (US$ million)
Deal Type
100.00%
October 13
211.9
Acquisition
45.00%
October 13
5.1
Acquisition
Bahrain
Not disclosed
December 13
Not disclosed
Acquisition
Turkey
100.00%
February 13
Not disclosed
Acquisition
Rhea Venture Capital
Turkey
30.00%
June 13
0.2
Acquisition
IT
Logo Software
Turkey
100.00%
July 13
12.6
Acquisition
Newspaper Sabah, ATV
Media
Zirve Holding
Turkey
100.00%
December 13
Not disclosed
Acquisition
NGN
IT
CROC
Russia
100.00%
November 13
Not disclosed
Acquisition
Nisan Enerji
Energy
Boydak Group
Turkey
50.00%
August 13
Not disclosed
Acquisition
Noki Kırtasiye
Manufacturing
Hamelin Group
France
30.00%
November 13
Not disclosed
Acquisition
NTSR Fuarcılık
Services
UBM
UK
75.00%
December 13
Not disclosed
Acquisition
Nuh-Ay Çimento
Manufacturing
Gökay İnşaat
Turkey
70.00%
January 13
11.0
Acquisition
Ofishane
Real Estate
Fiba Group
Turkey
100.00%
October 13
Not disclosed
Acquisition
Onedio
IT
Revo Capital
Turkey
Not disclosed
September 13 0.6
Acquisition
OnlineMarket.com.tr
IT
Aslanoba Capital
Turkey
Not disclosed
September 13
1.0
Acquisition
ONS Kıymetli Madenler
Mining
Fırat Çalışkan, Furkan Yüksel (Private Investors)
Turkey
90.00%
October 13
Not disclosed
Acquisition
Onur Ekspres Supermarkets
Retail
Şok Supermarkets
Turkey
100.00%
July 13
16.9
Acquisition
Optimum Ankara Shopping Mall
Real Estate
Euro Taurus (GIC)
Singapore
50.00%
March 13
165.0
Acquisition
Ozan Enerji (Powerwax)
Energy
Infinity Invest Holding
UK
100.00%
December 13
Not disclosed
Acquisition
Palazzo Donizetti Hotel
Tourism
Semerkand Yapı
Turkey
100.00%
March 13
36.0
Acquisition
Pamuk Elektrik Üretim
Energy
Haldız İnşaat Otomotiv
Turkey
100.00%
December 13
11.7
Acquisition
Park Bravo
Retail
Landmark
UAE
87.50%
February 13
Not disclosed
Acquisition
Paşalimanı Flour Factory
Real Estate
Sinpaş REIT
Turkey
100.00%
January 13
20.7
Acquisition
PaytoGo, Game Sultan
IT
MOL Global
Malaysia
Not disclosed
March 13
Not disclosed
Acquisition
Penkon Gıda
Food and Beverage
Anadolu Etap Tarım
Turkey
100.00%
July 13
48.4
Acquisition
PetArkadas.com
IT
Özgür Gür (Private Investor)
Turkey
Not disclosed
May 13
0.3
Acquisition
Petek Teknoloji
IT
Beijer Electronics
Sweden
100.00%
May 13
Not disclosed
Acquisition
Peyma Chr-Hansen’s Peynir Mayası
Food and Beverage
Chr. Hansen Holding
Denmark
50.00%
June 13
Not disclosed
Acquisition
Plasenta Conversation Agency
Media
WPP
UK
Not disclosed
November 13
Not disclosed
Acquisition
Platform Exhibitions
Services
ITE Group
UK
100.00%
October 13
Not disclosed
Acquisition
Plato Group
Healthcare
Smith & Nephew
UK
Not disclosed
July 13
Not disclosed
Acquisition
Polat Alara Hotel
Tourism
Ulaşlar Turizm Yatırımları
Turkey
100.00%
February 13
3.4
Acquisition
Polyplex Resins Sanayi
Chemicals
Indorama Ventures
Thailand
100.00%
October 13
Not disclosed
Acquisition
Pozitif Group
Entertainment
Doğuş Holding
Turkey
80.00%
August 13
Not disclosed
Acquisition
PreviewMyEmail.com
IT
SMTP
USA
100.00%
January 13
0.2
Acquisition
Prolab Laboratuar Teknolojileri
Services
VWR International
USA
100.00%
April 13
Not disclosed
Acquisition
Provus
IT
MasterCard
USA
100.00%
October 13
Not disclosed
Acquisition
Pusula Otomotiv
Services
Solera Holdings
USA
100.00%
July 13
Not disclosed
Acquisition
Quantum
Manufacturing
Arıkan Group
Turkey
100.00%
March 13
Not disclosed
Acquisition
Republika Academic Aparts
Real Estate
Abraaj Capital
UAE
Not disclosed
August 13
Not disclosed
Acquisition
Reyon Markets
Retail
İsmar Markets
Turkey
100.00%
March 13
Not disclosed
Acquisition
Reypa Gıda
Food and Beverage
Çavuşoğlu İnşaat
Turkey
99.99%
November 13
5.0
Acquisition
Roma Plastik
Manufacturing
Egger Group
Austria
11.40%
August 13
Not disclosed
Acquisition
Rultrans
Manufacturing
Megadyne
Italy
100.00%
September 13
Not disclosed
Acquisition
Sabiha Gökçen International Airport
Transportation
Malaysia Airports (Khazanah Nasional Berhad)
Malaysia
40.00%
December 13
308.2
Acquisition
SadeceHosting.com
IT
Telecity Group
UK
100.00%
May 13
39.0
Acquisition
Salıpazarı Cruise Port
Transportation
Doğuş Holding
Turkey
N/A
May 13
702.0
Transfer of Operating Rights
Sarıkavak HPP
Energy
Güriş İnşaat
Turkey
100.00%
August 13
Not disclosed
Acquisition
Sektörel Fuarcılık
Services
Deutsche Messe AG
Germany
80.00%
October 13
Not disclosed
Acquisition
Selçuk Gıda
Food and Beverage
Yılmaz Ergün Dursun, Kirkor Mert İsrailyan (Private Investors)
Turkey
1.00%
May 13
0.1
Acquisition
Sele İstanbul Group
Food and Beverage
Doğuş Holding
Turkey
51.00%
March 13
Not disclosed
Acquisition
Show Radyo
Media
Planet Yerli Televizyon Yayıncılığı
Turkey
100.00%
May 13
8.1
SDIF
Show TV
Media
Ciner Group
Turkey
100.00%
May 13
402.0
SDIF
SHR Online
Entertainment
CJ Games
South Korea
50.00%
March 13
15.0
Acquisition
Sırma Su
Food and Beverage
Danone
France
50.10%
May 13
Not disclosed
Acquisition
Siemens EC Kurumsal İletişim
IT
ICterra
Turkey
100.00%
May 13
Not disclosed
Acquisition
Target
Sector
Acquirer
Country of Acquirer
Mutlu Holding, Mutlu Akü
Manufacturing
Metair
South Africa
Mutlu Plastik
Manufacturing
Metair
South Africa
Namet
Food and Beverage
Investcorp
Nasıl TV
Media
Mynet
Netsafe Bilgi Teknolojileri Güvenliği
IT
Netsis Yazılım
30
Mergers and Acquisitions Report Turkey 2013
Stake
Date
Deal Value (US$ million)
Deal Type
100.00%
November 13
Not disclosed
Acquisition
Turkey
Not disclosed
May 13
Not disclosed
Acquisition
Turkey
Not disclosed
January 13
0.2
Acquisition
Contitech
Germany
100.00%
April 13
Not disclosed
Acquisition
IT
Aslanoba Capital
Turkey
Not disclosed
August 13
1.0
Acquisition
Standard Profil
Automotive
Actera
Luxembourg
100.00%
January 13
Not disclosed
Acquisition
Star Medya, Dinamik Radyo TV
Media
Socar
Azerbaijan
50.00%
May 13
Not disclosed
Acquisition
StilSOS
IT
Galata Business Angels
Turkey
Not disclosed
January 13
0.2
Acquisition
SuperKarga.com
IT
ShiftDelete.net
Turkey
40.00%
November 13
Not disclosed
Acquisition
Sys Robot Teknolojileri
Manufacturing
Eczacıbaşı-Lincoln Electric Askaynak
Turkey
100.00%
October 13
Not disclosed
Acquisition
Şişli Optik
Retail
Magrabi Optical
Saudi Arabia
100.00%
April 13
Not disclosed
Acquisition
Şok Supermarkets
Retail
Templeton Strategic Emerging Fund
USA
10.00%
September 13
34.7
Acquisition
Tablet Seminerler
IT
Aslanoba Capital
Turkey
20.00%
March 13
0.2
Acquisition
TAIB Investment Bank
Financial Services
Aksoy Holding
Turkey
100.00%
May 13
Not disclosed
Acquisition
Tasit.com
IT
Aslanoba Capital
Turkey
Not disclosed
June 13
2.0
Acquisition
Tat Tohumculuk
Food and Beverage
Kagome
Japan
51.00%
December 13
12.6
Acquisition
Tatilsepeti.com
IT
Bancroft
UK
Not disclosed
May 13
Not disclosed
Acquisition
Tatlıcı Tombak
Food and Beverage
Tuğrul Tellioğlu (Private Investor)
Turkey
100.00%
August 13
Not disclosed
Acquisition
Tebplast Plastik
Manufacturing
Rosti Group
Sweden
Not disclosed
November 13
Not disclosed
Acquisition
Teciroğlu Uluslararası Taşımacılık
Transportation
Ekol Lojistik
Turkey
100.00%
August 13
Not disclosed
Acquisition
Tedi İçecek
Food and Beverage
Tat Gıda
Turkey
50.00%
December 13
Not disclosed
Acquisition
Tekfen Oz
Construction
Omurga Yapı Yatırımları
Turkey
100.00%
January 13
Not disclosed
Acquisition
Tekpol Teknik
Chemicals
Ravago
Belgium
100.00%
December 13
Not disclosed
Acquisition
Telefonkilifim.com
IT
BIC Angel Investments
Turkey
Not disclosed
May 13
0.1
Acquisition
Tempo Çağrı Hizmetleri
Services
Globaltürk Capital, Mitsui & Co.
Turkey, Japan
Not disclosed
January 13
Not disclosed
Acquisition
TMST Tıbbi Sistemler
Healthcare
Toshiba Medical Systems
Japan
70.00%
January 13
Not disclosed
Acquisition
Toroslar EDAŞ
Energy
EnerjiSA
Turkey
100.00%
March 13
1,725.0
Privatization
Transuniverse Türkiye
Transportation
Ekol Lojistik
Turkey
100.00%
January 13
Not disclosed
Acquisition
TRG Petrol
Energy
ASB Group Energy
Turkey
100.00%
August 13
Not disclosed
Acquisition
Tümosan Motor ve Traktör
Automotive
Hedef Venture Capital
Turkey
1.74%
May 13
4.5
Acquisition
Turkent Gıda
Food and Beverage
Yum! Brands
USA
100.00%
February 13
Not disclosed
Acquisition
TurkMag Madencilik
Mining
RHI AG
Austria
100.00%
August 13
48.0
Acquisition
Türkmed Diyaliz
Healthcare
Basri Yılmaz (Private Investor)
Turkey
25.78%
September 13
0.2
Acquisition
Turkmedya
Media
Ethem Sancak (Private Investor)
Turkey
100.00%
November 13
62.0
SDIF
Turkuazoo Aquarium
Entertainment
Merlin Entertainments
UK
100.00%
September 13
Not disclosed
Acquisition
TV8
Media
Acun Ilıcalı (Private Investor)
Turkey
100.00%
November 13
Not disclosed
Acquisition
TVK Gemi Yapım
Transportation
Fiba Group, Palmali Group
Turkey, Azerbaijan
100.00%
September 13
Not disclosed
Acquisition
Unipro
Food and Beverage
AAK
Sweden
100.00%
July 13
Not disclosed
Acquisition
UNO
Food and Beverage
Vedanta Equity, Yıldız Holding
Spain, Turkey
50.00%
November 13
Not disclosed
Acquisition
Uyum Markets
Retail
Namık Tanık (Private Investor)
Turkey
7.56%
June 13
8.9
Acquisition
Vangölü EDAŞ
Energy
Türkerler İnşaat
Turkey
100.00%
March 13
118.0
Privatization
Varto HPP
Energy
Crescent Capital
Turkey
100.00%
June 13
Not disclosed
Acquisition
Vidobu.com
IT
Mynet
Turkey
100.00%
September 13
Not disclosed
Acquisition
Viko
Manufacturing
Panasonic
Japan
90.00%
October 13
460.0
Acquisition
Vita Golf Park Resort
Tourism
Doğuş Holding, Astaş Gayrimenkul
Turkey
100.00%
August 13
Not disclosed
Acquisition
Not disclosed
June 13
Not disclosed
Acquisition
Target
Sector
Acquirer
Country of Acquirer
Societe Generale Türkiye - Retail Banking Division (KrediVer)
Financial Services
Fibabanka
Turkey
Sinaps.com
IT
Galata Business Angels
SOCIAPlus
IT
Galata Business Angels
Som Kauçuk
Manufacturing
Sopsy
Stake
Vivense.com
IT
Aslanoba Capital, Fabrice Grinda, Jose Marin
Turkey, France, Brazil
Wallmerk Yapı Kimyasalları
Chemicals
Mapei
Italy
100.00%
March 13
Not disclosed
Acquisition
Yapı Kredi Sigorta
Financial Services
Allianz SE
Germany
93.94%
March 13
912.9
Acquisition
YKM
Retail
Boyner Büyük Mağazacılık
Turkey
37.00%
October 13
39.6
Acquisition
YKM Pazarlama
Retail
Boyner Büyük Mağazacılık
Turkey
23.13%
October 13
10.9
Acquisition
Yörsan
Food and Beverage
Abraaj Capital
UAE
80.00%
November 13
Not disclosed
Acquisition
Ziraat Finansal Kiralama
Financial Services
Ziraat Bank
Turkey
10.00%
March 13
Not disclosed
Acquisition
Ziraat Yatırım
Financial Services
Ziraat Bank
Turkey
24.90%
April 13
Not disclosed
Acquisition
Ziylan Mağazacılık, Polaris Pazarlama, Uğur İç ve Dış Ticaret
Retail
BİM Birleşik Mağazalar, Gözde Venture Capital, Turkven
Turkey
50.00%
November 13
224.6*
Acquisition
* Deal value might change according to the 2013 year-end financial results. Current disclosed deal value is considered in our report. N/A: Not Applicable
Mergers and Acquisitions Report Turkey 2013
31
Basis of preparation of the study The merger and acquisition transactions included in this report comprise deals whose negotiations were completed and announced between January 1st, 2013 and December 31st, 2013. The data in this report could be made even more accurate if there was a database that regularly kept track of mergers and acquisitions in Turkey and if all the transactions were announced. Nevertheless, we believe that the information presented in this report truly represents the important aspects of mergers and acquisitions activity in Turkey, especially in terms of the major transactions and transaction volume. In compiling this report, publicly available resources as well as the opinions of investment banks, consultants and investors have been used. While preparing this study: • ► T ► ransactions where negotiations are finalized but legal procedures are ongoing are also included in this study. • ► Finalized privatization tenders and SDIF transactions are considered completed transactions even if the approval procedures of the Privatization High Council or Fund Board were still in process. • ► Transactions based on the “Transfer of Operating Rights” method and realized by public institutions other than the Privatization Administration of Turkey are included in the report. • ► Mergers and share transfers between group companies and transactions where financial institutions were involved within the framework of debt restructuring are not taken into consideration. • ► ► Mergers and acquisitions realized by Turkish companies abroad and mergers and acquisitions realized by subsidiaries of Turkish companies which were established abroad are not taken into consideration. • ► ► Acquisitions made through stock purchases or tender offers on Borsa Istanbul are not taken into consideration. • ► ► Land sales for which there is no development plan are not taken into consideration. • ► ► The transaction values do not include the financial liabilities undertaken by the investor.
32
Mergers and Acquisitions Report Turkey 2013
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